He had hoped for more business – but a year into the life of Bismarck, N.D., CUSO ProDraft Services vice president Doug Wolf (onetime CEO of Midwest Corporate, now closed) told Credit Union Times in an interview, "we are doing OK."
Created to provide a range of correspondent services traditionally provided by corporate credit unions, ProDraft – which uses Cincinnati-based Fifth Third Bank to do much of its processing – does not require its users to put up capital and therein, said Wolf, lies the appeal.
Many credit unions that had been burned in the corporate catastrophes of the past few years have shied away making new capital commitments.
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